FOX took over the exclusive broadcasting rights for the IndyCar series from NBC starting in 2025. The latest reports confirm that FOX has now become a stakeholder in the series, with Roger Penske selling a third of Penske Entertainment to the media network. The multi-billionaire came out and reacted to selling the American open-wheel racing series stake to FOX.Roger Penske bought the American open-wheel racing series and the Indianapolis Motor Speedway in 2019 and set his targets on taking the series back to its glory days. As a part of this vision, Penske Entertainment signed a contract with FOX for the media rights of the racing series.FOX went all hands on deck to promote the series, and it seemingly worked, with the viewership number skyrocketing. Amid this, FOX proposed Roger Penske's Penske Entertainment with a proposal to be more than just a licensee of media rights and buy a stake in the series.According to the Wall Street Journal, FOX has now acquired a third of Penske Entertainment, the corporation that owns the IndyCar series and the Indianapolis Motor Speedway. As per the reports, the media network acquired 33% of the company for an amount between $125M and $135M."This partnership is built on long-standing trust and a shared vision for the future. FOX sees the incredible potential across our sport and wants to play an active role in building our growth trajectory. Lachlan Murdoch and his team, starting with Eric Shanks, are committed to our success and will bring incredible energy and innovation to INDYCAR," said Roger Penske about the deal with FOXPenske Entertainment is a unit of Roger Penske's Penske Corp, which owns IndyCar and IMS. With FOX’s investment, they not only hold a share in the series but also the iconic 2.5-mile Superspeedway.Roger Penske revealed that Penske Entertainment wasn't necessarily looking for investment when FOX approached with a bid to get a stake in the series. However, seeing the growth of the series since FOX’s arrival made it a no-brainer move for Penske.“It was a pretty easy question to say yes to,” said Roger Penske when talking about giving FOX a third of Penske EntertainmentWith the season coming to an end, FOX has achieved over a 30% growth in the viewership of the series, which includes the 7+ million average viewership of the Indy 500.FOX’s deal with Penske Entertainment increases the valuation of the IndyCar and IMSRoger Penske bought the IndyCar series and the Indianapolis Motor Speedway from Hulman and Company in November 2019. While the exact amount wasn't disclosed, sources suggested the deal was worth between $250M and $300M.With FOX buying a third of the company for an amount between $125M and $135M, the valuation of Penske Entertainment (IndyCar and IMS) has shot up significantly.The deal puts the valuation between $375M and $405M. As a part of the deal, FOX’s media rights deal with the series has also been extended for multiple years.